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These two memecoins surpassed Dogecoin in this metric; Is DOGE losing dominance?

Fast Take
  • An analysis revealed two memecoins that surpassed Dogecoin in one metric.
  • DOG and DEGEN have surpassed Dogecoin in weekly active traders.
  • Analysis suggested that DOGE may be losing some of its dominance.
Dogecoin (DOGE) sees increase in holders, but loses in volume to PEPE
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A recent analysis revealed two memecoins who have surpassed Dogecoin (DOGE) in a metric, attracting attention in the cryptocurrency market. According to a survey by cryptocurrency analytics platform, IntoTheBlock, on April 12, both The Doge NFT (DOG) and epee (DEGEN) have surpassed Dogecoin in weekly active traders.

In the dynamic cryptocurrency market, the number of addresses that hold an asset for a period of time less than a month are classified as traders. The analysis noted that, a sharp increase in the number of traders usually coincides with bullish momentum for the cryptocurrency.

The platform suggested in its analysis that the biggest meme cryptocurrency on the market may be losing part of its dominance given the current market scenario. “While DOGE has long dominated almost every metric in the memecoin market, it appears to be losing some of its dominance,” he highlighted.

Still on the occasion, the survey revealed that the DEGEN memecoin currently leads the data, registering 129 thousand active traders, while the DOG token appears next with 126 thousand.

 

At the time of publication, the price of DEGEN was quoted at US$0,03086, down 14.2% in the last 24 hours. The DOG memecoin was trading at US$0,01865 with an increase of 11.6% in the last day.

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It is worth remembering that, at the beginning of the month, the cryptocurrency market has seen a massive influx of new traders buying memecoins, according to an analysis shared by the platform IntoTheBlock, on April 3.

According to the platform's survey, the number of addresses that hold meme coins for a period of less than thirty days reached a record last month. This is indicative of a massive influx of new traders buying memecoins, the analysis noted.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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